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{
    "id": 736485,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/736485/?format=api",
    "text_counter": 118,
    "type": "speech",
    "speaker_name": "Hon. A.B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "Hon. Speaker, I beg to move that the Finance Bill (National Assembly Bill No. 16 of 2017), be now read a Second Time. I am doing this on behalf of the Chairman of the Departmental Committee on Finance, Planning and Trade, Hon. Benjamin Langat. He is in Mombasa together with his colleagues. They are meeting the Cabinet Secretary (CS) for National Treasury to look at this Bill and other financial-related Bills. First, I wish to express my gratitude to Members for their relentless support to this year’s budgetary process which has come earlier than usual. In terms of executing policies developed in the course of the budget process, Parliament has played a serious role. Our country achieved a resilient economic growth and development that has seen the per capita income rise from the estimated Kshs113,210 in 2013 to Kshs152,671 thus making us a low-middle income economy. Hon. Speaker, before I talk about the challenges our economy has faced, it is good to note that our economy grew by 5.9 per cent, 6.2 per cent and 5.7 per cent in the last first, second and third quarters of 2016, respectively, thus bringing the average growth in the first three quarters to 5.9 per cent. We hope the projections in 2017 will expand and further grow by another 5.9 per cent. In spite of all these economic accomplishments that we have been able to achieve as a country for the past few years, our economy still faces many challenges ranging from inadequate food supply, unemployment, poverty, income inequality and, of course, the severe drought that has caused the prices of food commodities to soar. I know a greater part of the country has received rains, but I am sure it will take farmers not less than eight months to plant, harvest and bring enough food to the market. In order to address some of these challenges, this Bill proposes measures on taxation and other amendments which are found in the Finance Bill. I expect the CS for National Treasury to use this Bill in order to control the high cost of living. This must be translated to the common man. We expect the CS, as he meets the Committee today, to propose amendments, especially a reduction in the taxation measures so that the cost of living and the price of food can come down. We also expect the CS for National Treasury to present to the Budget and Appropriations Committee, the Supplementary Budget Estimates II where he will be asking this House to provide him with resources and re-allocate a number of resources from non-core areas to the emergency that we are facing today. For instance, he could provide resources to subsidize the sectors that manufacture food items. That way, the cost of living will be reduced. What I am The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}